Eligibility

There is hereby created within the State Treasury the Virginia Breeders Fund, which Fund, together with the interest thereon, shall be administered in whole or in part by the Commission or by an entity designated by the Commission. The cost of administering and promoting the Fund shall be deducted from the Fund, and the balance shall be disbursed by the Commission or designated entity to the breeders of Virginia-bred horses that win races at race meetings designated by the Commission, to the owners of Virginia sires of Virginia-bred horses that win races at race meetings designated by the Commission, to the owners of Virginia-bred horses that win or earn purse money in non-restricted races at racetracks in Virginia licensed by the Commission, to the owners of Virginia-bred horses that win races at race meetings designated by the Commission and for purses for races restricted to Virginia-bred or Virginia-sired horses or both at race meetings designated by the Commission. To assist it in establishing this awards and incentive program to foster the industry of breeding racehorses in Virginia, the Commission shall appoint an advisory committee composed of two members from each of the registered breed associations representing each breed of horse participating in the Fund program, one member representing the owners and operators of racetracks and one member representing all of the meets sanctioned by the National Steeplechase Association.

A Virginia-bred Thoroughbred horse is a registered Thoroughbred horse foaled in Virginia.

A Virginia-sired horse is a horse conceived in Virginia and sired by a stallion registered with the Virginia Breeders Fund

A Virginia Thoroughbred Sire is a registered Thoroughbred stallion that covers mares, other than test mares, only in Virginia during the breeding season in which it sires a Virginia-bred Thoroughbred horse, or only during that part of the breeding season after entering Virginia.